As part of the micro-investment advisor’s goal to simplify investing, they recognized the importance of providing a simple, frictionless user experience from account opening through account usage.
The company quickly realized that verifying the identities of new account applicants was particularly challenging. Early on, the company used one of the leading credit bureaus to verify the identity of new applicants. However, a large percentage of applicants are millennials and therefore do not have sufficient credit data from which to verify their identity. Applicants with either a thin file or no credit file were required to provide additional identity and authentication data to be validated, but most of these applicants simply abandoned the application process due to friction.
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